Many consumers take out personal loans and use the proceeds to pay off their credit cards. This can offer a couple of benefits. First, you'll have only one—not several—monthly payments, and you might find that your loan's interest rate is lower than the average interest rate of all your cards. Of course, if your credit is good enough to qualify for a card with a zero percent balance transfer rate, you'd better off using that card.
Student loans also tend to come with some high interest rates, so you might find that paying them off with a personal loan saves you some money. But beware: personal loans don't come with the same tax advantages as federally recognized student loans. Check with a tax professional first to make sure you don't get dinged at tax time.
You might want to pay for a significant purchase or event, such as new appliances or a wedding, but you just don't have sufficient savings on hand to pull it off. Compare the terms you're offered against the terms and interest rates you'd incur if you put the charges on a credit card.
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